Ann: CYBG PLC - First Quarter 2019 Trading Update, page-30

do you have a valuation estimate that you can share?

I would be inclined to accept 1.1-1.2x book value for my shares currently, but if somehow they are able to maintain NIM at 170bps+ and to cut costs to a point where ROTE of 15%+ is achieved then I think up to 1.5x book value isn't unattainable.

I'd probably just draw a matrix where intrinsic value is 10% ROTE = 1x book and add 0.1x for each 1% of excess return above that. This basically implies a through the cycle long term cost of equity of 10%, but I'd love to hear your thoughts.